According to published reports, Trump, in talks with Cherokee Investment Partners, the Raleigh, NC-based parent of EnCap, is poised to do just that. A Trump spokesman has publicly confirmed that discussions are under way, but could not be reached for further comment.
"Cherokee has invested millions of our own funds, helped to attract other private financing, and brought in the Trump Organization to lead the project's…operations," says Cherokee VP David O'Neill, in a statement. "[We are] very pleased with the Trump Organization's progress, and we want to do all that we can to see this progress continue."
Facing cost overruns and delays in the remediation of the site, Cherokee brought Trump into the project in November. The immediate task facing Cherokee and Trump is a May 9 deadline set by the state for EnCap's financial commitment and cleanup process to be back on track with an estimated clean-up cost of $186 million. The project falls under the jurisdiction of the New Jersey Meadowlands Commission, a state agency.
The project will also face another round of site approvals from the NJMC and local authorities, because under Trump's development aegis, the original site plan is apparently being altered. EnCap's plan called for two golf courses, a hotel and 1,800 residential units. Trump's revised plan, still to be officially released, is said to include nearly 4,000 residences, the hotel, and just one golf course.
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